Small and Middle Traders are being Funded by MUDRA Banks: PM Modi in Singapore
While India is busy in debate related to intolerance, PM Modi is doing his best to bring in as much outside investment as possible for a brighter future of India. Has has been touring the world extensively since last year to convince global investors for investing in programs like “Make in India”, and during one such recent event in Singapore he said that his government is funding small and medium enterprises across India via recently launched MUDRA bank yojana to help make India the next frontier of economic revolution.
Speaking at India Singapore Economic Convention in Singapore on Tuesday he said nearly everything that he could to boost the confidence of Singaporean investors in Indian economy. He said that making money reach the marginalized is a key strategy of his government, and to make it possible his government has opened 190 million bank accounts till date, which will help in direct transfer of economic benefits to the poor. He said that this direct transfer of benefits is also bringing more discipline in government expenditure.
About the new MUDRA bank scheme he said that his government has setup time bound goals to provide everyone access to basic resources like housing, electricity, water and sanitation. And to ensure the achievement of these goals within a timely manner, he plans to fund small traders and businessman via MUDRA Banks. This shift in paradigm, he said, is creating a positive environment for global investors.
Talking about the opportunities in India he said that they vary widely from construction of new highways to setup of new Metro Rail networks. He said that building 50 million affordable houses, setting up 100 smart cities, modernizing railway networks and generating 175 GW renewable energy all are various opportunities where Singaporean investors can invest their money.
Modi didn’t forget talking about his government’s recently launched Digital India, Skill India and Start-up India programs as well. He said that his government has launched programs like Digital India and Skill India to help people become a part of this progress, while Start-up India has been launched to tap the energy of Indian population. Speaking about Indian startups he said that India has already witnessed a massive growth in number of startups in last few years, and some of them have become powerful enough to challenge established players even.
Finally, speaking on the topic of regulatory issues he said that while there have been regulatory and taxation issues in the past, regulatory uncertainty has now become a thing of past as his government has taken decisive steps to remove many such concerns. He said that Singapore and India have always been essential allies, so he’ll hold their (investors’) hands carefully. He also expressed that his government hopes to implement GST in 2016.
It’s worth pointing out that due to an adamant Congress BJP-led Central government has still not been able to implement GST in India despite several tries, which is increasing pressure on the it as it may lose the confidence of global investors.